Unloan home loan review
Also known as Unloan by CommBank
Unloan is one of the simplest home loans in Australia: one variable loan, no application, ongoing or exit fees, and a loyalty discount that grows by 0.01% p.a. every year you stay. It is fully owned by CommBank. The downsides are what it leaves out: no offset account, no fixed rate, no interest-only option, no construction loans and no government schemes.
This page sets out Unloan's pros and cons, who is eligible, how its loyalty discount works, and how it compares with CommBank and Athena.
By Better Rate Mate Editorial Team · Last reviewed · Checked against Unloan's own website
Unloan home loans at a glance
| Feature | Unloan |
|---|---|
| Fees | No application, ongoing, change or exit fees (government fees may apply) |
| Offset account | No |
| Redraw | Unlimited, no fees |
| Fixed rate / interest-only | Not offered |
| Maximum LVR | 90% (higher rate above 80%) |
| Loan size | $10,000 to $10,000,000 |
| Borrowers | Up to two; no security guarantors |
| Construction loans | Not offered |
| Ways to apply | Online only |
| 5% Deposit Scheme | Not a participating lender |
Unloan mortgage and home loan repayment calculator
Enter the rate for the Unloan loan you're considering (from its rates page), your loan amount and term. The calculator uses the standard principal and interest formula lenders use, so for the same rate, amount and term it gives the same repayment as Unloan's own calculator. It doesn't include fees or future rate changes. For the maths and assumptions, see our mortgage repayment calculator page, and test your buffer with the stress test calculator. If you're buying, you can also estimate your stamp dutyand work out how much you can borrow.
Mortgage repayment calculator
Repayments and total interest, with optional extra repayments, an offset account or an interest-only period.
Monthly repayment
$2,997.75
| Loan amount | $500,000 |
|---|---|
| Interest rate | 6.00% a year |
| Time to repay | 30 years |
| Total repayments | $1,079,191 |
| Total interest paid | $579,191 |
Year-by-year balance
| Year | Interest | Principal repaid | Balance |
|---|---|---|---|
| 1 | $29,833 | $6,140 | $493,860 |
| 2 | $29,454 | $6,519 | $487,341 |
| 3 | $29,052 | $6,921 | $480,420 |
| 4 | $28,625 | $7,348 | $473,073 |
| 5 | $28,172 | $7,801 | $465,272 |
| 6 | $27,691 | $8,282 | $456,990 |
| 7 | $27,180 | $8,793 | $448,197 |
| 8 | $26,638 | $9,335 | $438,862 |
| 9 | $26,062 | $9,911 | $428,951 |
| 10 | $25,451 | $10,522 | $418,429 |
| 11 | $24,802 | $11,171 | $407,257 |
| 12 | $24,113 | $11,860 | $395,397 |
| 13 | $23,381 | $12,592 | $382,805 |
| 14 | $22,605 | $13,368 | $369,437 |
| 15 | $21,780 | $14,193 | $355,244 |
| 16 | $20,905 | $15,068 | $340,176 |
| 17 | $19,975 | $15,998 | $324,178 |
| 18 | $18,989 | $16,984 | $307,194 |
| 19 | $17,941 | $18,032 | $289,162 |
| 20 | $16,829 | $19,144 | $270,018 |
| 21 | $15,648 | $20,325 | $249,693 |
| 22 | $14,395 | $21,578 | $228,115 |
| 23 | $13,064 | $22,909 | $205,205 |
| 24 | $11,651 | $24,322 | $180,883 |
| 25 | $10,151 | $25,823 | $155,060 |
| 26 | $8,558 | $27,415 | $127,645 |
| 27 | $6,867 | $29,106 | $98,539 |
| 28 | $5,072 | $30,901 | $67,638 |
| 29 | $3,166 | $32,807 | $34,831 |
| 30 | $1,142 | $34,831 | $0 |
Stress test this loan at higher rates, or see how much you can borrow.
An estimate: interest is charged at the repayment frequency and the rate never changes. It leaves out fees, redraws and rate changes, and assumes the lender accepts extra repayments. Check fixed rate loans for an extra repayment limit, and confirm figures with your lender.
Is Unloan good for home loans?
Unloan is one of the simplest home loans in Australia: one variable loan, no application, ongoing or exit fees, and a loyalty discount that grows by 0.01% p.a. every year you stay.
Pros
- +No application, ongoing or exit fees
- +Loyalty discount grows every year (to 0.30% p.a. in year 30)
- +Owned by CommBank
- +Accepts PAYG, casual and self-employed income
- +Lends up to $10 million
Cons
- -No offset account, fixed rate or interest-only option
- -No construction loans
- -Doesn't take part in the 5% Deposit Scheme or other government schemes
- -Maximum 90% LVR, so you need at least a 10% deposit
- -Online only, maximum two borrowers, no guarantors
Who Unloan suits
- Refinancers who want the simplest fee-free loan
- Buyers with a 10% or larger deposit who don't need an offset
- Borrowers who plan to stay with one lender for years
About Unloan
Unloan is a fully owned division of Commonwealth Bank of Australia, launched as a digital-only home loan. You apply on its website, and support is provided by Unloan's lending team in Australia. Because it is part of CommBank, your loan is with an APRA-regulated major bank.
It sells a single variable home loan for owner-occupiers and investors, for buying or refinancing, with unlimited redraw and no fees.
- Ownership
- A fully owned division of Commonwealth Bank of Australia.
- Lender and licence
- Unloan, a division of Commonwealth Bank of Australia ABN 48 123 123 124, Australian credit licence 234945
Unloan home loan products
Unloan variable home loan
Principal and interest repayments, unlimited redraw with no fees, and no application, banking, account, change or exit fees (government fees may apply). Borrow $10,000 to $10,000,000 at an LVR up to 90%; a higher rate applies between 80.01% and 90% LVR, and no more than $2,000,000 can be above 80% LVR.
Loyalty discount
On each anniversary of your settlement date, Unloan increases the loyalty discount on your variable rate by 0.01% p.a., up to a maximum of 0.30% p.a. in year 30. The discount comes off the variable rate current at the time, which can itself change.
Unloan home loan rates: how they are set
Unloan has one variable rate for owner-occupiers and one for investors, with a higher rate for LVRs between 80.01% and 90%. Your rate falls by an extra 0.01% p.a. each year through the loyalty discount, on top of any changes to the underlying variable rate.
Because there are no fees, Unloan's comparison rate is close to its interest rate, which makes it a useful benchmark when you compare other lenders' loans.
For a benchmark, the RBA's average rate on new owner-occupier variable loans across all lenders was 6.23% in August 2026, and 6.40% for investors (published 8 October 2026). The RBA's cash rate target was 4.60% as at 10 October 2026, after a 0.25 point rise effective 30 September 2026; its next decision is due on 3 November 2026.
How long does Unloan take to approve?
Unloan says you can apply in minutes; once it has your documents it runs its standard checks, and if you're approved it asks your current lender to transfer the loan, which is often where delays happen. On average, it says, existing customers have taken five to six weeks from application to settlement to switch.
Why Unloan applications are declined
Unloan's eligibility rules are narrower than a big bank's, so an application can fail on its limits before affordability comes into it. Check these first:
- An LVR above 90% after the valuation, or above 70% for some property locations or types
- More than $2 million of borrowing above 80% LVR, or a loan outside $10,000 to $10 million
- Income that isn't regular, isn't paid in Australian dollars, or comes with a poor credit history
- More than two people on the title, or a property held by a trust or company
- Needing a security guarantor, a construction loan or an off-the-plan purchase, none of which Unloan offers
- Repayments that wouldn't pass a buffered serviceability test: check yours with our stress test calculator
Unloan vs CommBank
Same bank behind both. CommBank gives you offsets, fixed and split loans, construction loans and the 5% Deposit Scheme, with some fees (for example a $300 establishment fee on the Digi Home Loan, and a $395 Wealth Package). Unloan gives you one fee-free variable loan with a growing loyalty discount. See our CommBank review.
Unloan vs ubank
Both are digital lenders owned by a major bank: Unloan by CommBank, ubank by NAB. Unloan charges no fees at all and adds a loyalty discount each year, but has no fixed rate. ubank has a fixed-rate option (Flex Fixed) but charges a loan advance fee and a discharge fee. Neither takes part in the 5% Deposit Scheme. See our ubank review.
Unloan vs Athena
Athena matches new-customer rate cuts for existing customers and offers a fee-free offset, fixed rates and tailored self-employed loans, but it's a non-bank with a $2 million cap. Unloan is CommBank-owned, lends up to $10 million and has no fees, but no offset or fixed option. See our Athena review, and for NAB's digital bank, Unloan vs ubank.
How to apply for an Unloan home loan
- 1
Check eligibility: 18 or over, living in Australia, Australian driver licence or passport, up to two borrowers
- 2
Apply online in minutes; connect or upload income evidence (PAYG, casual or self-employed accepted)
- 3
Unloan arranges the property valuation
- 4
Approval and digital loan documents
- 5
Settlement; for a refinance, Unloan pays out your old lender
Check how much you could borrow with our borrowing power calculator; Unloan's own calculator applies its own lending policy, so its figure can differ.
Budget for stamp duty: NSW stamp duty calculator · VIC stamp duty calculator · QLD stamp duty calculator · WA stamp duty calculator · SA stamp duty calculator · TAS stamp duty calculator · ACT stamp duty calculator · NT stamp duty calculator
Before you apply, ask for the key facts sheet for your loan amount. Every lender must provide one in the same format, which makes loans easy to compare side by side.
Unloan home loan questions
What are Unloan's pros and cons?
Pros: no application, ongoing or exit fees; a loyalty discount that grows 0.01% p.a. each year up to 0.30% p.a.; backed by CommBank; loans up to $10 million. Cons: no offset, no fixed rate, no interest-only, no construction loans, no government schemes, a 90% LVR maximum and online-only service.
Is Unloan a good mortgage provider?
For a straightforward buyer or refinancer with at least 10% equity who doesn't need an offset or fixed rate, Unloan is a strong, low-cost option, and it is part of CommBank. If you need an offset, a fixed rate, a construction loan or the 5% Deposit Scheme, it won't suit.
How long does Unloan take to approve?
You can apply in minutes, but switching takes longer: Unloan says its existing customers have taken five to six weeks on average from application to settlement, often because of delays at the lender they're leaving.
Why might Unloan decline my application?
Most often because of its limits: an LVR above 90% (or 70% for some properties), income not paid in Australian dollars or a poor credit history, more than two borrowers on the title, a trust or company borrower, or needing a guarantor, construction or off-the-plan loan.
Who owns Unloan?
Unloan is a fully owned division of Commonwealth Bank of Australia and lends under CommBank's Australian credit licence 234945.
Can self-employed borrowers get an Unloan home loan?
Yes. Unloan accepts PAYG, casual or variable, and self-employment income, provided it is paid in Australian dollars and you have a good credit history.
Does Unloan have fixed rates?
No. Unloan says it doesn't currently offer fixed rate home loans or interest-only repayments.
Can I use the 5% Deposit Scheme with Unloan?
No. Unloan doesn't participate in the 5% Deposit Scheme (formerly the Home Guarantee Scheme) or other government home-buyer schemes, and it doesn't accept security guarantors.
